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If your business is assumed to be a vehicle, consider
marketing as the fuel which keeps it going. If there’s no fuel, there would
surely be no movement.
In order to make your business survive in the extremely competitive global
market, you have to market your business well. A lot of businessmen
make the mistake of cutting the marketing budget along with other expenses at
the time of recession. They have the misconception that they can generate
better business if they cut down all their costs.
There are a large number of people who have enough money to spend, in every
economy, no matter how dwindling it is. They are not hesitant to spend their
money on the thing they want. If people have a will to buy something, they will
surely pay for it. Effective marketing implies that you
attract the customers to buy your product and not your competitor’s.
Cutting down prices is more of a dead-end strategy. If you lower down your
prices, you’ll boost up your business temporarily but soon enough, your
competitors will do the same. This will make you end up with the same level of
business you previously had. At the same time, you’re getting very less revenue
from your business. It is not a practical approach since you work for the same
number of hours and get less income.
The main thing to do when the economy is falling is realizing that people still
want to spend money but now they want value for it. People would definitely
think twice before spending money. The best way to face such a situation is
market your product as the high-value choice. Cheap prices are certainly not a
solution to this. The more realistic solution is high prices and top class
services. People have the mentality that cheap prices means services which are
not upto the mark. If your prices are high, it automatically means that your
product is genuine and of high quality.
Build long lasting relationships with your customers instead of building sales.
Retaining customers throughout the life is very important part of successful business.
Target a small market. Determine the customers who are perfect for your
business and focus on selling to them. You can charge higher prices since the
customers see you as an expert manufacturer of that product.